State-owned UCO Bank on Thursday invited preliminary bids for appointing merchant bankers for its 60-million-share follow-on public offer (FPO).
The last date for submitting technical bids is February 26, it said in an advertisement on its website. The bank will hold a pre-bid meeting on February 18. The financial bids will be opened on March 2. The bank hopes to raise Rs 400-500 crore through the FPO route. UCO Bank had reported a 43 per cent rise in October-December profit at Rs 246 crore compared with Rs 171 crore a year ago. The government holds 63.59 per cent stake in UCO Bank. Over the next few months, a number of public sector undertakings such as NMDC Ltd and Steel Authority of India Ltd are expected to raise funds through an FPO.
Despite a muted subscription from retail investors to NTPC Ltd’s follow-on issue last week, the government is hopeful that the forthcoming FPOs will get a better response.
Rural Electrification Corp Ltd on Thursday announced its FPO, which will open February 19 and close February 23.
